Last updated: July 21st, 2022
Reviewed by
Grant Desselle
Licensed Insurance Agent
Table of Contents
Medicare Supplement plans with a low monthly cost will have less coverage or higher out-of-pocket costs.
These are a popular option for individuals who have no concerns about paying out of pocket for some usual health care costs but want something in place to help cover more expensive costs if an emergency crops up.
Our recommendation:
To save the most money, a high-deductible Plan F policy provides a low monthly payment with a plan deductible of $2,240.
Medicare Supplements With the Best Benefits
Finding the best Medicare Supplement plan to meet your needs is key to ensuring your future health care.
Paying a little more for comprehensive coverage can save you hundreds, if not thousands, in out-of-pocket expenses with Medicare.
Our recommendation:
If you’re shopping for a Medicare Supplement plan that offers the best coverage, Plan F provides the optimal benefits that many Medicare beneficiaries seek.
Be Covered While You Travel
Enjoy your traveling years without worry, with a Medicare Supplement plan that provides coverage for emergency treatment overseas.
Not every Medicare Supplement plan provides the protection needed for international travel, making the proper choice crucial for your future plans.
Our recommendation:
If international travel is on your list of things to do, we recommend Plan C, F, or G to provide the coverage you’re looking for.
| A | B | C | D | F | G | K | L | M | N | |
|---|---|---|---|---|---|---|---|---|---|---|
| Part A coinsurance and hospital costs* | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Part B coinsurance or Copayment | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Blood** | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Part A hospice care coinsurance or copayment | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Skilled nursing facility care coinsurance | No | No | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Part A deductible | No | Yes | Yes | Yes | Yes | Yes | 50% | 75% | 50% | Yes |
| Part B deductible | No | No | Yes | No | Yes | No | No | No | No | No |
| Part B excess charges*** | No | No | No | No | Yes | Yes | No | No | No | No |
| Foreign travel exchange | No | No | 80% | 80% | 80% | 80% | No | No | 80% | 80% |
| Out-of-pocket limit**** | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $5120 | $2560 | N/A |
* Up to an additional 365 days after Medicare benefits are used up
** First 3 pints
*** This is the difference between what your doctor charges and what Original Medicare covers.
**** After you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medicare Supplement plan pays 100% of covered services for the rest of the calendar year.
Note: In Massachusetts, Minnesota, and Wisconsin, Medicare Supplement is standardized in a different way.
The best Medicare Supplement (or Medigap) plan is the one that best suits your needs.
Some people find that having the most coverage possible is optimal for their long-term situation, whereas others opt for more affordable options to supplement their Original Medicare coverage.
Based on industry reports, over 65% of Medicare beneficiaries find Medicare Supplement Plan F to be the best option for the additional health care coverage they need.
The monthly cost (known as premiums) is determined by different factors, including your location and the age at which you purchase the policy.
During open enrollment, your previous health history has no bearing on the price you pay. But, if you miss your open enrollment window, the price you pay for Medigap coverage can go up based on your pre-existing health issues, if the company requires the policy to be fully underwritten.
To keep your premiums low, it’s important that you take full advantage of your open enrollment window and lock in the lowest rates possible.
Ideally, you’ll want to purchase Medicare Supplement insurance (Medigap insurance) when your open enrollment period starts. Medigap Open Enrollment lasts six months, beginning on the first day of the month of your 65th birthday and Medicare Part B enrollment.
After the open enrollment window is over, applying for a Medigap policy may require medical underwriting — and there’s no guarantee that you’ll be accepted if you don’t meet the health requirements. If you are approved, you may be placed in a lower health class and be required to pay slightly higher premiums for your Medicare Supplement coverage.
Brian is the founder and CEO of Insurist and carries Life, Health, and Property & Casualty licenses in all 50 U.S. states. Since 2013, Brian has been a member of Million Dollar Round Table, a designation for the top 1% of financial advisors worldwide. Brian has been featured in Yahoo! Finance, Money.com, Entrepreneur.com, Life Happens, Forbes, MSN, and Good Financial Cents. Brian’s goal is to show customers the best products, the quickest answers to their questions, and provide expert advice.
Grant's past experience includes work as a licensed sales agent for Hagerty Insurance. He has reviewed thousands of existing auto policies across the nation and issued hundreds of new ones on everything ranging from classic cars undergoing restoration to modern exotics and motorcycles.
